There are five dimensions to consider before implementing a regulatory solution:
- Customer Value & Business Strategy: Enabling Financial Institutions manage regulatory exposure and pressures has not changed. RegTech does not change core business strategy.
- Innovation: Leaning in to cutting edge technologies such as RPA, Machine Learning and AI enhance current solutions to drive better insights and better business outcomes. It is helpful to be open to new technologies to change antiquated approaches.
- AI: AI is not a compliance panacea. Businesses should view AI as Augmented Intelligence. Human Aided Expert Solutions create smart regulatory insights that are validated by experts. Regulatory problems are not entirely technical problems and the human expert is indispensable.
- Big Data: RegTech solutions are relevant where there is big data involved. Whether it is regulatory data or business data.
- Extensibility: Smart content should be platform-agnostic and be consumes in any technology via OpenAPI or XML.